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- #Insuring finances are not hidden business install#
- #Insuring finances are not hidden business free#
Something as minor as employee theft is one of the many causes of the $45bn deficit. Retailers- particularly retailers that process a large number of sales transactions- are at a high risk for shrinkage. lose an estimated $45bn as a result of shrinkage? Shrinkage refers to losses due to employee theft, and every business has exposure to shrinkage losses to some extent. Be aware of compensation and liability policies, too.ĭid you know that businesses in the U.S.
#Insuring finances are not hidden business install#
Servers are enormous and take time to install and operate, and insuring company servers against fire, theft, or hacking, is a must. Therefore, you need to plan to cover them in case there is an unforeseen circumstance.Ĭyber insurance is without a doubt the best example. A couple of desks and computers here and there will warrant a content policy but that’s about all.Īs time goes on, the business will expand and so will the number and value of assets. In the beginning, the company doesn’t have much so there isn’t a lot to insure. Businesses that use vehicles to operate have exposure to vehicle lawsuits. Company car and semi-truck crash statistics prove this pretty emphatically. Vehicle lawsuits, however, don’t get as much attention as the others- even though they are fairly common. Unfair dismissal is also getting more and more common. Your company will have legal exposure if an employee or guest sues, due to an accident in the workplace. If you’re recovering from a financial setback, this article may help. For example, a competitor may file a lawsuit alleging the theft of intellectual property, such as violating a patent or trademark. Most entrepreneurs understand how rivals use lawsuits to maintain their market position.
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Here are four less-obvious costs to consider before opening the company doors and starting your business.
#Insuring finances are not hidden business free#
Get free sample chapters from my book: Not Another Personal Finance Book. In fact, these expenses are far more common than the uninitiated can imagine. Oh yes, they exist and they are not an urban legend. As an owner, you can expect these costs and include them in your financial projections.īut what about the costs that are hidden in the shadows? When looking to start a business, some of your costs will be obvious to you.Įvery company should put together a business plan, and the expenses in the plan will likely include business income taxes, payroll taxes, overhead costs, and business licenses and permits.